Action on S.B.Overseas and Odyssey Dealcom
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s S.B.Overseas Pvt Limited and M/s Odyssey Dealcom Pvt Limited, both non-banking financial companies, for carrying on the business of a non-banking financial institution. As a result of the cancellation, these companies are no longer permitted to transact NBFC business.
The Reserve Bank of India cancelled the certificate of registration of the listed non-banking financial companies for carrying on the business of non-banking financial institution. After cancellation, the companies cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a licence cancellation, which is a severity 5 action.
The two NBFCs must stop carrying on non-banking financial institution business. Customers and counterparties should no longer treat them as authorised NBFCs for fresh business after the cancellation takes effect.
Published as M/s Odyssey Dealcom Pvt Limited
Published as M/s S.B.Overseas Pvt Limited
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